Sonia Gandhi moves Delhi High Court challenging Income Tax assessment, details of P. Chidambaram's in-court arguments here

Update at 12:15 PM: Ready to file the original records before the Court for their perusal: ASG Tushar Mehta, representing IT department 

Update at 12:07 PM: There is bias against Sonia Gandhi, Rahul Gandhi and Oscar Fernandes: P. Chidambaram

Update at 12:03 PM: IT department has calculated taxes using a wrong formula: argues P. Chidambaram

Update at 12:00 PM: Young India has not given even a single rupee to any shareholder: argues P. Chidambaram

Update at 12:00 PM: Young India is a charitable company and cannot pay any monetary value to its shareholders: P. Chidambaram argues for Sonia Gandhi

Update at 12:00 PM: Congress Tax file hearing begins in Delhi High Court

Congress president Rahul Gandhi on Tuesday appeared in the Delhi High Court after I-T department accused Rahul Gandhi of concealing income in the years 2011-2012 by not disclosing that he was a director in Young Indian Private Limited (YIL).

Earlier, Former Congress President Sonia Gandhi and party leader Oscar Fernandes moved the Delhi High Court challenging the reopening of their assessments by the Income-tax Department regarding the Young Indian-National Herald transactions.

In a super exclusive newsbreak, Republic TV has accessed the 463-page- report -the Rahul Gandhi tax file. The tax file has made a stunning revelation that the Income Tax department sent a notice to Rahul Gandhi for tax evasion in the years 2011-2012.

The tax file reveals that Rahul Gandhi had hidden from the Income-Tax department that he was a Director in Young India, which is the main company involved in the ‘National Herald case’.  Since Rahul Gandhi had allegedly hidden the facts from the I-T department, a whopping amount of Rs 154.97 crore couldn't be assessed by the I-T department. The tax file also reveals that along with being the Director, he was also the direct beneficiary of the funds directed at ‘Young India’.

The amount of Rs 154.97 crore is said to be obtained by Rahul Gandhi by buying the shares of ‘Young India’ at a lesser price than the fair market value of the shares.

Now, in 2018 when this fact surfaced, the Income-Tax department decided to go ahead and reopen the Congress President’s assessment of the Income Tax dating back to the years 2011 and 2012.